International oil prices are surging on expectations that the global economy will soon recover.

On the New York Mercantile Exchange Monday (local time), West Texas Intermediate for August delivery traded at 74 dollars and 37 cents per barrel, up 48 cents from last week and 67 percent compared to the early months of this year.

West Texas crude once reached a ten-month high of 74 dollars and 81 cents during the Monday session.

On the London market, Brent North Sea crude for August delivery gained eight cents to 74 dollars and 23 cents per barrel.

Market insiders predict international oil prices will hit 80 dollars per barrel, since gasoline prices are continuing to rise on expectations for a global economic recovery.